Fobi Signs Annual Wallet Pass & AltID License Agreement With ParcelPal Logistics
Fobi AI Inc. (FOBIF:TSXV) has signed a one-year annual North American license agreement with ParcelPal Logistics Inc. The agreement involves Fobi providing its Wallet Pass platform and digital ID verification solution, AltID, for an annual fee of $55,000, plus additional fees for active passes and verifications. This partnership aims to enhance ParcelPal's mobile application, enabling improved customer experiences and streamlined delivery services, particularly in regulated industries like tobacco and cannabis. The integration of Fobi's technology is expected to give ParcelPal a competitive edge in its digital transformation efforts and expand its services into European and APAC markets.
- Secured a one-year contract with ParcelPal, indicating stable revenue generation.
- Annual license fee of $55,000 plus additional fees per pass and verification diversifies revenue streams.
- Integration of Wallet Pass and AltID enhances ParcelPal's mobile application and customer experience.
- Partnership positions Fobi as a player in the growing regulated delivery market.
- None.
VANCOUVER, BC, April 05, 2023 (GLOBE NEWSWIRE) -- Fobi AI Inc. (FOBI:TSXV) (FOBIF:OTCQB) (the "Company" or "Fobi"), an industry leader in harnessing AI and data intelligence to enable digital transformation, is pleased to announce that the company has signed a new annual North American license agreement with ParcelPal Logistics Inc. Fobi will provide its Wallet Pass platform and digital ID verification solution, AltID. The deal is a one-year contract with auto-renewal and includes an annual license fee of
ParcelPal Logistics is a courier and logistics company that specializes in providing last-mile delivery and logistics solutions across various industries, including pharmacy and health, meal kit deliveries, retail, groceries and regulated industries such as tobacco, liquor and cannabis. ParcelPal customers include many top B2C and B2B brands, including Amazon, FedEx, London Drugs, GoodFood and Electronic Arts.
FOBI TO DELIVER BEST-IN-CLASS TECHNOLOGY TO SUPPORT PARCELPAL’S 2023 GROWTH STRATEGY WITH INTEGRATION INTO MOBILE APPLICATION RELAUNCH
Rich Wheeless, CEO of ParcelPal, recently announced that the logistics company is focusing its 2023 growth strategy on speeding up their digital transformation efforts and integrating best-in-class technologies into the strategic relaunch of the ParcelPal mobile application. Through the Wallet Pass platform, Fobi will provide ParcelPal with a seamless plug-in solution that will transform and augment the customer experience, delivering an enhanced communication channel and delivery service to its customer base. The Wallet Pass is a natural extension to the mobile app, enabling ParcelPal to introduce and leverage next-level technology that will help scale its services and provide a significant competitive advantage, especially as ParcelPal looks to expand the reach of its mobile platform into Europe and the Asia-Pacific (APAC) region.
ALTID TO PROVIDE SIMPLE, SECURE, & DIGITALIZED CREDENTIAL MANAGEMENT FOR DELIVERY SERVICES IN REGULATED INDUSTRIES
AltID is a secure and easy-to-use digital age and ID verification solution that will provide ParcelPal with a completely new means of ensuring proper authentication for logistics, shipping, and delivery services in regulated industries, including tobacco, liquor, and cannabis. AltID offers a contactless and more verifiable approach to the distribution of regulated products, enabling ParcelPal to easily scan and validate customer credentials through the wallet pass at each point of delivery. With automated ID verification, customers simply authenticate their identities online and download verified passes to their mobile wallets. As a result, not only does AltID enable ParcelPal to pre-verify customers’ digital credentials, but it also provides the courier with a guaranteed audit trail for ID verification that reduces risk and liability concerns.
AltID also ensures that verified wallet passes only display the necessary data for verification, such as name and age, to ensure that personally identifiable information (PII) is not collected or stored. Through AltID, ParcelPal will be able to significantly scale its delivery services for regulated products and offerings, while providing customers with an improved experience that places data privacy, protection, and security at the forefront.
Rich Wheeless, CEO of ParcelPal, states: “This deal with Fobi provides us with a clear market differentiator as we become hyper-focused on driving our digital transformation strategy and strengthening our mobile customer experience. We want to provide our customers with best-in-class experiences, and one of the best ways to do that is through an integration with the Fobi Wallet Pass platform and digital ID verification solution. I have no doubts that this addition will provide us with a significant competitive advantage, especially as it relates to deliveries for regulated industries.”
Rob Anson, CEO of Fobi, states: “There is no better timing for this new deal with ParcelPal than with the relaunch of their mobile customer experience. Our cutting-edge technologies, including wallet passes and AltID, align perfectly with ParcelPal’s focus in 2023 on integrating new and innovative solutions into their product offering. They can now leverage two of Fobi’s existing technologies to deliver an enhanced solution that positions ParcelPal as a market leader in the delivery space for regulated and other industries. This deal is a great example of the value our tech provides across many industries and the license deal further validates the market readiness for mobile-first and digital identity solutions.”
To learn more about AltID, please visit https://www.fobi.ai/altid.
To learn more about Fobi’s Wallet Pass platform, please visit https://www.fobi.ai/wallet-passes.
This press release is available on the Fobi website.
To download the Fobi Investor Experience Wallet Pass to get enhanced access to investor information about Fobi please visit the download page.
About ParcelPal
ParcelPal is a Vancouver, British Columbia-based company that specializes in last-mile delivery service and logistics solutions. We are a customer-driven, courier and logistics company connecting people and businesses through our network of couriers in major Canadian cities including Vancouver, Calgary, and Toronto, as well as in the western region of the United States. Some of our verticals include pharmacy & health, meal kit deliveries, retail, groceries and more. For more information on ParcelPal, please visit www.parcelpal.com.
About Fobi
Founded in 2017 in Vancouver, Canada, Fobi is a leading AI and data intelligence company that provides businesses with real-time applications to digitally transform and future-proof their organizations. Fobi enables businesses to action, leverage, and monetize their customer data by powering personalized and data-driven customer experiences, and drives digital sustainability by eliminating the need for paper and reducing unnecessary plastic waste at scale.
Fobi works with some of the largest global organizations across retail & CPG, insurance, sports & entertainment, casino gaming, and more. Fobi is a recognized technology and data intelligence leader across North America and Europe, and is the largest data aggregator in Canada's hospitality & tourism industry.
For more information, please contact:
| Fobi AI Inc. | Fobi Website: www.fobi.ai | |
| Rob Anson, CEO | Facebook: @ Fobiinc | |
| T : +1 877-754-5336 Ext. 3 | Twitter: @ Fobi_inc | |
| E: ir@fobi.ai | LinkedIn: @ Fobiinc |
This news release contains certain statements that constitute forward-looking statements or information, including statements regarding Fobi's business and technology; the ability of Fobi to engage with industry participants to achieve its goals; the development of Fobi's technology; and the viability of Fobi's business model. Such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Fobi's control, including the impact of general economic conditions, industry conditions, competition from other industry participants, stock market volatility, and the ability to access sufficient capital from internal and external sources. Although Fobi believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated, or implied in the forward-looking statements. As such, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity, or achievements. The forward-looking statements contained in this news release are made as of the date of this news release and, except as required by applicable law, Fobi does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. Trading in the securities of Fobi should be considered highly speculative. There can be no assurance that Fobi will be able to achieve all or any of its proposed objectives.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
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